The Customer Is Always Right: How to Develop Consumer-Friendly Pricing for Law Firms
Modern law firm consumers are an entirely new breed. They have more law firm options than ever before, and aren’t afraid to use them. They are committed to mobile search. They are more cost-sensitive than any consumer base in modern history. Absent a near-instantaneous response from a potential lawyer hire, they will immediately move on to the next attorney on their list. This can be frustrating for law firms, whose billing practices tend to be antiquated. Hourly billing, without a cap, is perhaps the scariest consumer pricing arrangement there is. Put yourself in the shoes of your potential client, and ask how appealing it would be to sign an agreement undefined in length, and with a high hourly rate attached. Furthermore, if you’re asking for retainers, consider whether you’d be able to draw that cashier’s check on your own bank account, on short notice. The good news is that these two obvious roadblocks to client engagement fo...